USD/CAD break out approaches

The pair is approaching the lower end of a converging channel which comes in around 0.9997. This area also contains the 200 dma at 0.9990.

usdcadweekly 07 05 2013

Before we get there though we find the 55 and 100 wma in wait at 1.0030 and 1.0016. There is supporting bids around 1.0025 and option barriers at 1.0000.

For the upside, moves are still capped by previous support at 1.0080/85 which also houses the 100 dma.

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